BMW Finance
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Discussion

CSLchappie

Original Poster:

442 posts

234 months

Tuesday 22nd September 2009
quotequote all
Apologies if this is in the wrong place but I'm in a bit of a rush, I'm wondering what constitutes a 'good' finance deal with a franchised BMW dealer, I'm considering a car at £37k, I'm putting down 24k and financing the rest via a Lease Purchase agreement with balloon, currently being offered a deal at 12% APR, do you think I can push for a better rate?

wrighty78

6,313 posts

244 months

Tuesday 22nd September 2009
quotequote all
I think I'd have to question whether a PCP deal is right for you, given the amount of capital you're putting in. Usually PCP makes sense if you're only putting in a smallish deposit.

Wouldn't you get a better deal taking out a loan from your bank for the missing £13k? At least then you'd own the whole car, so no nasty surprises if you decide to sell before your deal is through.

eliot

11,995 posts

284 months

Tuesday 22nd September 2009
quotequote all
Also how long do you intend to keep the car? straight finance may work better for you, because of your large deposit.
You can get 13k over two years for £585 a month or around £406 a month over 3 years. (7.9% apr) on the high street. BMW product will be around 9% apr in comparison.

Edited by eliot on Tuesday 22 September 14:06

CSLchappie

Original Poster:

442 posts

234 months

Tuesday 22nd September 2009
quotequote all
Thanks chaps, I've got complicated circumstances though, the deposit is sort of already financed - bought a house for cash 18 months ago, needed a bit extra for moving and repairs costs so took out 25k from own bank, have since remortgaged (time was of the essence when buying it) and have the cash to repay the original house loan... but I could use it instead as a larger deposit as the rate on it is far better than BMW's, plus its easier to manage.

I don't have to use BMW finance, are there any reputable brokers that would be worth contacting?

Mattt

16,664 posts

248 months

Tuesday 22nd September 2009
quotequote all
Classic and Sports Car Finance.

Oracle Finance.

CSLchappie

Original Poster:

442 posts

234 months

Tuesday 22nd September 2009
quotequote all
Thanks for the tips, however I managed to do the deal this evening, got it down to 9.8% plus almost 2k off asking price so not a bad result all things considered.

Goodbye CSL frown

Hello V10 smile

gizlaroc

17,251 posts

254 months

Thursday 24th September 2009
quotequote all
Got to ask, why the hell are you doing a PCP with a big deposit??

You should be doing a straight lease purchase....

£37000
£24000 deposit

60 x £256 67

Car is yours at the end.

That is at your 9% apr.


With a PCP are you really going to throw the keys back at them after 3 years and walk away from your £24k deposit??





martin vr6

3,883 posts

231 months

Thursday 24th September 2009
quotequote all
You chopped in your M3 CSL that wont lose any money for a V10 M5 that will lose its value as quickly as it can reach the 155mph speed limiter?

Not a particularly good deal IMO no matter which way you look at it

CSLchappie

Original Poster:

442 posts

234 months

Thursday 24th September 2009
quotequote all
I will not keep the M5 for the full term, hence wanting a balloon deal for the outstanding balance to lower the monthlies, and yes I know full well that my CSL is a far better financial proposition for the long term, in fact I think it'll retail very close, if not a shade higher than what I paid for it two and half years ago, but owning performance cars is not a money making investment so hey-ho enjoy it while you can.

a_bloke

40,169 posts

227 months

Friday 25th September 2009
quotequote all
seems like a bad idea on many levels to me...

christer

2,804 posts

281 months

Friday 25th September 2009
quotequote all
a_bloke said:
seems like a bad idea on many levels to me...
lol

martin vr6

3,883 posts

231 months

Friday 25th September 2009
quotequote all
CSLchappie said:
yes I know full well that my CSL is a far better financial proposition for the long term, in fact I think it'll retail very close, if not a shade higher than what I paid for it two and half years ago, but owning performance cars is not a money making investment so hey-ho enjoy it while you can.
is that not a contradiction? You have made money on your CSL?

I'm just baffled at why you would change a car that doesn't depreciate for a model that does and arguably is not as desireable

gizlaroc

17,251 posts

254 months

Friday 25th September 2009
quotequote all
Because we love cars and fancy a change???


Christ sake guys, we of all people should understand the need to scratch these itches? biggrin

eliot

11,995 posts

284 months

Saturday 26th September 2009
quotequote all
£24k buys a brand new VXR8 - your's outright no finance...
(Just sold the 540 for one, not stopped smiling yet)

eliot

11,995 posts

284 months

Sunday 27th September 2009
quotequote all
anonymous said:
[redacted]
Very comfy, seats are nice - BIG cars inside - lots of leg room front and back. No nav on mine(option) but BT as std. Plastics and door slam noise certainly not to BMW std - but go and take a look at one you will be suprised.Brakes are decent also. Test-drove a 550 e60 which felt slow, dull and sterile in comparison - which was the car I had been promising myself for the last couple of years.